In general, it's also very hard to get your Shepard killed. Pretty much it can only happen if you simply rush through the main story missions. There has been some talk on gamefaqs about it, so the possibility is overhyped.
Also, while they make better games, people should rapidly be learning to put Bioware in the same catagory as Peter Molyneux with Fable. Basically they lured people into Mass Effect with the promises of this massive, controllable story, that would change greatly based on your actions. With the possibilities in ME1 with the character being able to alter the entire balance of power in the universe, things were quite ambitious. Basically what Bioware promised was to do enough coding to make it so the sequel could be radically differant based on your desicians in the first game. In the end however what we were left with was desicians that changed a few lines of dialogue here and there. Whether you let The Council die or not in the first game forever is irrelevent because rather than seeing a humaneocentric universe no matter what happens you wind up with a NEW council being established, humanity's ambassador being more or less second rate compared to the rest of the council, and nobody believing you. The desician to save the Rakni queen involves getting *1* specific scene. When it comes to Conrad Verner, they even borked it up because the game claims my Paragon put a gun in his face (which never happened) something a lot of people on Gamefaqs are also complaining about.
Oh sure, while the technology exists to create what amounts to multiple versions of the same world, and creating multiple games within one, nobody is actually willing to put in that much effort.
What's more part of Bioware's "cop out" which was heavily discussed in certain places at the time was that they did not want to make the game too dependant on having played the first game, to avoid alienating new customers. This makes sense to be honest, but it's exactly the opposite of the attitude about these massive "OMG" desicians and the effects they were going to have.
As a result I anticipate them creating another quality sequel, that will be a lot of fun, but I do not believe that there will be anything truely major in the third game determined by actions in the second.... for the exact same reasons, they aren't going to invest the effort and money into making enough content, and in the end their going to want to avoid alienating new customers by making things too dependant on the previous games.
I think anyone who expected Shepard's death to be a big deal in the next game, with things continueing on despite this, sort of fell in for the hype. All loading screen blurbs about your desicians in ME 2 having a massive impact on ME 3 are also likely hype because honestly I can't see ME 3 being any more affect by the events of previous games than the first two.